In some cases, she believes her clients have lost out to investors paying with cash. In a hot market, with multiple bids, her clients often get frozen out.
Realtor Lisa Carter specializes in first-time buyers in North Minneapolis. What was once considered a time-honored way for American families to build generational wealth, single-family housing is now a new investment class and mechanism for Wall Street to get richer. HavenBrook and companies like it, who convert single-family homes into rental units, represent a fundamental shift in how to think about housing. WALL STREET INVESTORSīut this isn’t just another bad landlord story. Tenants are also organizing through a group called United Renters for Justice and have been demanding a meeting with HavenBrook. In Columbia Heights, the city revoked the rental licenses for 21 HavenBrook homes because of the failure to resolve code violations in two rental homes.Įarlier this month, Minnesota Attorney General Keith Ellison filed a first of its kind lawsuit against the company, saying HavenBrook deceived and defrauded their tenants. Among those violations, 103 involved ‘life safety and quality of life.’ Minneapolis city inspectors have received 273 complaints and documented 1,594 violations in HavenBrook homes since 2018. In Minnesota, HavenBrook owns more than 600 single-family homes, but a third of its inventory – 199 homes– are in North Minneapolis.
